$23.15 Million | Office
- Loan Amount: $23,150,000
- Loan Term: 36 Months
- LTV: 75%
• The borrower had a maturing loan their previous lender was not willing to extend, which compelled them to find a new lender who would understand their unique circumstances.
• They were facing a decline in occupancy to roughly 50% because a sizable tenant was scheduled to leave at the end of the year.
• The borrower needed capital for CapEx and TI/LC’s to increase occupancy in an effort to stabilize the property.
• Money360 provided a flexible loan structure on a non-stabilized property facing loan maturity. We paid off the existing lender and worked with the borrower to provide the capital needed to stabilize the property.
• Our loan structure provided financing for CapEx and tenant improvements and leasing commissions (TI/LC’s).
• The subject loan was secured by a 1st lien on a 107,932 square foot office building in Troy, MI.
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